Dathena raises $12m to expand AI data security

Dathena today announced they have raised $12m in a Series A funding round to expand AI data security which was co-led by Jungle Ventures, Caphorn, and SEEDS capital while previous investors Cerracop ventures and MS&AD ventures also participated.

The company said it plans to use the capital to expand AI data security service offerings and boost business, specifically in the US to assist them with their expansion across North America while also being used to invest in research and development of their product suite and service capabilities.

Christopher Muffat, Founder and CEO of Dathena explained what the funding round meant in a LinkedIn post by saying: “We’re living through extraordinary times. Across the world, families, and businesses alike are facing enormous individual and collective challenges — and that makes this a humbling moment in which to announce the completion of Dathena’s $12 million Series A round.”

Dathena offers leading data protection and governing services to protect company material, using AI to securely identify, categorise, and protect confidential data. Dathena’s AI-powered solutions allow for Data governance, data privacy, and data security.

The technology they use effectively succeeds in reducing the risks of costly breaches in data and supply diligent security and protection for enterprise information.

As exceptional amounts of data are inevitably moved into resources such as the cloud, the need for security solutions go hand in hand. Navigation of privacy settings and compliance with security regulations are indispensable in order to alleviate the risk of data leakage or damage the reputation of a company.

COVID-19 has increased the popularity of cyber crime, payment fraud, and data breaches due to companies and individuals having to adapt by moving business online, doing meetings via video conference, and making payments online.

As a result, companies that are within the data security and fraud market have started to show their value with investors seeing the potential returns and taking positions in companies with Vesta securing $125m for payment fraud AI and Ravelin raising $20m for their fraud detection business.

The company claims to have over 200,000 current users and clients, whos data Dathena runs in compliance with data protection regulations that ensure data security is handled correctly and abide by the EU’s GDPR and the California consumer privacy act (CCPA).

Founded by Christoper Muffet in 2016 and initially based in Singapore, the company now has over 100 employees in four offices across three continents with their five products and offered solutions covering five different industries.

The company explained that part of the funding will be driven towards building on the partnership and relationship the company has with Microsoft which was started in 2019 with the data security company becoming Microsoft’s Global Co-Seller Partner.

Microsoft’s collaboration with Dathena is vital for ensuring strict regulations are met to surpass security breaches, with Microsoft mobilising AI Dathena has succeeded in protecting the companies’ ever-growing data-sets.

Muffat mentioned in his LinkedIn post that protecting the safety of the world’s data is currently a $120 billion market and data security is of higher necessity during COVID-19 which has sparked a new series of cyberattacks, something they plan to lower with the freshly available capital.